On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 9% bonds $6,eee, eee, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $1,000,000 1,600,000 1,280,000 1,000,000 800,000 Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the Intermediate calculations. Round your percentage answers to 1 decimal place (.e. 0.123 should be entered as 12.3%).) Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Expenditure Weight Average = Date January 1 March 31 June 30 September 30 December 31 Accumulated expenditure x 0 Average Interest Rate Capitalized Interest Average accumulated expenditures $ $ 0 0 0 S